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Weis Volume

Discover Weis Wave Volume Indicator for MT4, a free tool by David Weis. Spot market openings & trends with wave-like volume patterns. There are no simple buy/sell signals but insights on demand & supply strength. The indicator is easy to use and is a great tool for any trader looking to gain insight into the market.

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Description

Features of the Weis Volume Indicator

For the MT4 trading platform, a well-liked and free Forex indicator is the Weis Wave Volume Indicator. It is a helpful tool for traders looking to learn more about the volume of a currency pair. David Weis, a profitable trader and the author of the book “Trading with the Odds,” created this indicator.

The Weis Wave Volume Indicator measures the volume of a currency pair during a specified period. It shows the volume as a wave-like pattern, where each wave corresponds to a specific volume level. Traders wishing to spot trading opportunities can find value in the indicator. For instance, a significant volume spike displayed by the indicator may indicate a strong trend. Similarly, a low volume on the indicator may suggest that the market is consolidating and getting ready for a breakout.

How the Indicator Can Benefit You

The WeisWave indicator does not show simple buy and sell signals with arrows or line crossovers like other indicators.

When studying the chart:

  • On bullish waves, volume indicates the strength of the demand (buyers).
  • On bearish waves, volume indicates the strength of the supply (sellers).

You can use the WeisWave indicator to compare the volume and the distance moved by the wave. To do this, you must evaluate:

  • How long the wave has lasted;
  • How much the price has changed;
  • How much cumulative volume does the wave have (what does the WeisWave indicator show exactly)?

Indicator Setting Description

Dif (difference): This parameter determines the price movement in points, which must occur against the current wave to start counting a new wave. The higher the value, the lower the sensitivity. The waves will replace each other less frequently.

LabelShift: This input allows you to change the label shift value.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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